VIX Far Too Low with So Much US-China, Recession and Rate Policy Risks

[MongiIG]

We ended last month with a remarkably low measure of implied (expected) volatility despite a laundry list of fundamental threats lurking. That complacency is starting to evaporate quickly, however, with key events stirring traders to life. What does all this activity mean for the S&P 500, Dollar and other top markets?